ISLAMABAD: A new set of tax rules has come into effect from July 1, 2025, under the Fifteenth Schedule of the Finance Bill. These rules impose restrictions on certain high-value financial transactions, particularly for individuals who are not on the active taxpayer list (non-filers), according to sources.
Key Restrictions:
Vehicle Purchases
Non-filers can only buy vehicles worth less than Rs7 million without needing a tax eligibility certificate.
For local cars, the invoice price applies.
For imported cars, the customs value (including duties and taxes) will be used.
Impact: May lead to higher demand for used cars and slow down sales of new vehicles.
Property Transfers
Limits have been set for non-filers to buy or transfer properties:
Commercial properties: up to Rs100 million
Residential properties: up to Rs50 million
The fair market value, as defined by tax laws, will be used for such transactions.
Investment in Securities & Mutual Funds
Non-filers are restricted from making new investments above Rs50 million in securities and mutual funds.
(Reinvestments or profits from earlier investments are not affected.)
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Bank Account Rules
Non-filers face restrictions on opening or operating non-saving bank accounts. Additionally, there is an annual withdrawal limit of 100 million rupees across all accounts held by an individual.
